Bitcoin leverage unwind eases as Open Interest rises to $8.96B, but demand stays weak

Bitcoin has failed to reclaim $80,000–$82,000 after 12 days of consolidation there, and it has since printed lower lows. Open Interest has risen from $6.4 billion to $8.96 billion since March, while spot net flow over the past 30 days is negative $1.19 billion, pointing to more withdrawals to private wallets than exchange deposits. Even so, apparent demand remains minimal, keeping the rebound signals tentative rather than decisive.